Fintech startups are mushrooming. However, to survive and thrive, they must compete in a diverse financial services landscape and explore new ways with AI/Machine learning, Big Data, blockchain, and other emerging technologies. That all calls for qualified financial software developers and effective project/product management.
While the UK is currently experiencing a shortage of qualified engineers, and the competition for them is fierce, Eastern Europe offers an untapped talent pool that is continuously growing. Therefore, many fintechs choose to partner with financial software development companies from Ukraine, Poland, Belarus, and other European countries. They have the necessary domain knowledge and expertise in developing fintech solutions for digital banking, money transfers, personal finance management, risk & compliance management, P2P lending, blockchain development, and a lot more.
However, for those fintechs that want to outsource financial software development to a third-party vendor, finding a reliable and trusted partner is not easy. Therefore, we’ve compiled a list of the best fintech outsourcing vendors in Eastern Europe. It takes into account the vendors’ fintech portfolio, their presence on the market, industry awards, fintech domain knowledge, the number of engineers on board, and other factors.
Financial software developers in Ukraine
Ukraine is one of the top development outsourcing centres in Eastern Europe. The IT market in Ukraine has grown by 27% in 2017. According to Stack Overflow, there are over 166,000 software engineers in the country. As for the fintech companies that outsource software development to Ukraine, there are such market players as Currencycloud, cleverbridge, RateSetter Yapital, Misys etc. Let’s take a closer look at those who partner with these brands:
N-iX has solid experience in financial software development and strong specialists in such important technologies for this domain as Java, RubyOnRails, Scala, NodeJS, Python, C++ etc. The company’s expertise includes solutions for digital banking, blockchain applications, online trading platforms, money transfer apps, and more.
N-iX has cooperated with a global fintech provider Currencycloud on refactoring and scaling up their B2B Payments platform. What’s more, RateSetter (a UK leader in P2P lending) partnered with the IT vendor to develop solutions that has matched £2.0bn in P2P loans since 2010. N-iX engineering teams are also helping these two companies to migrate to microservices and scale up their operations.
This technology company develops and supports software products for companies that operate in a wide range of industries, from healthcare to finance and banking. The company has delivered solutions across such areas of fintech expertise as data management, trading, banking digitization.
The company develops solutions for asset and identity management, risk modeling, and blockchain. Also, it offers research, development and support services for data management, investment accounting, performance measurement, and attribution. It has partnered with such financial companies as Commonwealth Network and KMP Group.
4. Sigma Software
The software development company develops solutions for loan and debt management, mobile payments, invoicing, cost management, and reporting. It has partnered with a large European Bank and the first Ukrainian International Bank.
The company offers software development services for digital & mobile banking, big data & analytics, infrastructure operations, and others. It has developed solutions for ZenCash, ING Bank, and more.
Financial software developers in Belarus
Belarus is another notable destination for finding a reliable financial software development partner. It houses more than 30,000 engineers. Here are the fintech development companies we’ve selected, according to their portfolio and market presence.
This software development house provides services to clients from more than 30 countries across the globe. The company builds solutions for managing and organizing personal finances, monitoring expenses, reviewing savings forecasts billing, payment processing automation, investment management, and transaction reporting. The IT vendor has partnered with such fintech clients as Anybill and Maximus Inc.
ScienceSoft is a software development company with a big engineering team in Minsk. Regarding its fintech expertise, the IT vendor provides banking CRM consulting services, builds bespoke solutions for internet and mobile banking, banking document management as well as custom payment and lending software.
The company delivers enterprise software and tech solutions mainly for the financial and healthcare industries. Around 25% of the company’s solutions are related to the financial and banking sector. What concerns the company’s fintech portfolio, it includes customer-to-advisor solutions, risk and wealth management software, and different digital banking apps.
9. Qulix Systems
This software development company develops applications for personal Internet banking, mobile banking, virtual office, etc. The company has already built a number of fintech solutions for mobile and social media payments, personal finance management (PFM), remote banking, and more.
This custom software development company specializes in online trading, electronic data exchange, and cloud‐based technologies. Around 30% of the company’s projects are related to the financial sector. The vendor has developed solutions for advanced monitoring, wealth and asset management, trading signals, and pattern recognition. Moreover, it has experience in working with turnkey trading platforms and automated trading systems with APIs.
Financial software developers in Poland
Poland is another attractive destination for finding a financial software development company. There are more than 250,000 Polish professionals engaged in the IT sector and around 450 IT companies that offer software development outsourcing services.
Let’s take a closer look at Polish IT vendors with the best fintech portfolio.
This global software development and consulting company specializes in CRM, big data and analytics, and cloud-based solutions. The company utilizes various business intelligence tools to build fintech solutions for data management and analysis. Moreover, it develops online banking applications and content management solutions for updating audit documents, managing records, and preserving documents.
This software development company specializes in Ruby on Rails development, which is one of the key technologies used in fintech. The company has built a number of projects for financial, security, and insurance industries.
BLStream is a Polish software development company that focuses on communication, consumer and entertainment industries but also has a few fintech projects in its portfolio.
Financial software developers in Bulgaria
Local IT market comprises 400 companies, with around 24,000 specialists. Bulgarian IT outsourcing companies have cooperated with such fintech clients as RBS WorldPay, Net mobile AG, PayMill, etc.
The Bulgarian software development company focuses on fintech development and has a few interesting projects in its portfolio. The IT vendor specializes in such technologies as Ruby, AngularJS, PHP, iOS, and Android.
This IT outsourcing and consultancy company specializes in building solutions for such industries as insurance, financials, telecommunications, aviation, governmental and healthcare. It has partnered with such fintech companies as RBS WorldPay and BNP Paribas.
A lot of European financial software development companies offer deep fintech expertise and a good track record of fintech projects. It comes as no surprise that there is a growing number of fintech upstarts that choose to outsource to financial software developers in Europe to reasonably use the raised funds and find in-demand engineering talent.
Contact us to get more information on financial technology development outsourcing.